2022 Forms Changes - Tn Realtors

Transcription

2022 FORMS CHANGESNovember 18, 2021901 19th Avenue SouthNashville, TN 37212

Table of ContentsThe pink page numbers in the top right corner match the table of contents below,please disregard the form page numbers in the footer when consulting this .19.20.21.Forms Changes Summaryp. 1-2 RF111 CO-LISTING AGREEMENT (BETWEEN TWO FIRMS)p. 3RF635 MINIMUM APPRAISED VALUE CONTINGENCY ADDENDUMp. 4-9 RF141 Exclusive Buyer Representation Agreement (Designated Agency)p. 10-15 RF142 Exclusive Buyer Representation Agreement (Buyer Agency)p. 16-21 RF143 Non-Exclusive Buyer Representation Agreement (Designated Agency)p. 22-26 RF144 Non-Exclusive Buyer Representation Agreement (Buyer Agency)p. 27-28 RF151 Listing/Agency Mutual Release Agreementp. 29-31 RF304 Disclaimer Noticep. 32-42 RF401 Purchase and Sale Agreementp. 43-54 RF403 New Construction Purchase and Sale Agreementp. 55-64 RF404 Lot/Land Purchase and Sale Agreementp. 65-66 RF481 Mutual Release of Purchase and Sale Agreement and Disbursement of Earnest Money/Trust Moneyp. 67-68 RF601 Amendment to the Listing Agreementp. 69-70 RF622 Back-Up Agreement Contingency Addendump. 71-72 RF625 VA/FHA Loan Addendump. 73 RF634 Investment Property Addendump. 74-77 RF656 Notificationp. 78-83 RF707 Additional Contract Languagep. 84-86 RF708 Purchase and Sale Agreement Timeline Checklistp. 87-88 CF604 SUBLEASE LISTING ADDENDUM TO THE COMMERCIAL OPEN LISTING AGREEMENT (FORLEASE)22. p. 89-95 CF121 Commercial Exclusive Leasing Agreement (Not a Property Management Agreement)23. p. 96-104 CF401 Commercial Purchase and Sale Agreement24. p. 105-113 CF404 Commercial Lot/Land Purchase and Sale Agreement

Changes to Tennessee REALTORS Forms(2021 to 2022)Note all forms have version dates listed in the bottom right corner of each form. RED text denotes deletions and BLUEtext denotes additions. These documented changes consist of significant content change and do not include minor edits(e.g. punctuation, spelling, etc.).ALL FORMS:Version Dates have changed on the footer of every page to:1/01/2021 1/01/2022 (located on the right-hand side of the footer on every page)This date signifies the date of the correct version to use for the current year!Changes listed by Residential Forms (RF) and then Commercial Forms (CF) RESIDENTIAL FORMS NEW FORMS:RF111 CO-LISTING AGREEMENT (BETWEEN TWO FIRMS)RF635 MINIMUM APPRAISED VALUE CONTINGENCY ADDENDUMEdits:RF141 Exclusive Buyer Representation Agreement (Designated Agency)Line 40RF142 Exclusive Buyer Representation Agreement (Buyer Agency)Line 45RF143 Non-Exclusive Buyer Representation Agreement (Designated Agency)Line 33RF144 Non-Exclusive Buyer Representation Agreement (Buyer Agency)Line 35In the event the buyer broker compensation herein is considered a non-allowable pursuant to VA guidelines and thus cannot be paidby Buyer, this obligation is waived by Broker.RF151 Listing/Agency Buyer Representation Mutual Release AgreementLine 5-19Whereas, the Client/Customer and Firm/Company have entered into a marketing / listing / and/or agency listing Listing/buyer’srepresentation agreement Buyer Representation Agreement (“Agreement”) with an Effective Date of and allparties desire to terminate the Agreement(s) regarding the Property (if applicable) listed above.NOW, THEREFORE, it is hereby agreed by and among the parties as follows (select one box): If the Client/Customer enters into an agreement for the sale or exchange or contract to lease with option to buy withindays after the date of this Mutual Release of the Listing/Marketing Agreement with any buyer (or anyone acting on buyer’sbehalf) who has been introduced to the property directly or indirectly, during the term of the Listing/Marketing Agreement and anyextensions thereof without the services of a licensed broker or agent, the Client/Customer agrees to pay compensation for a total of or % of the purchase price to the Firm/Company. This includes but is not limited to any introductionor exposure to Property by advertisements or postings appearing in any medium which originated as a result of listing the Propertywith Firm/Company. Client/Customer agrees to pay a cancellation fee of , receipt of which is hereby

acknowledged. This paragraph shall not apply if the Property is listed with another licensed real estate broker at the time of suchcontract.OR Agency Listing Agreement in conjunction with the aforementioned Client and Firm/Company is hereby mutually canceled.Line 25-34and obligations of the Agreement(s), with the following exception:If the Client/Customer enters into an agreement for the sale or exchange or contract to lease with option to buy within daysafter the date of this Mutual Release of the Listing/Buyer Representation Agreement with any buyer (or anyone acting on buyer’sbehalf) who has been introduced to the property directly or indirectly, during the term of the Listing/Buyer RepresentationAgreement and any extensions thereof without the services of a licensed broker or agent, the Client/Customer agrees to paycompensation for a total of or % of the purchase price to the Firm/Company. This includes but isnot limited to any introduction or exposure to Property by advertisements or postings appearing in any medium which originated asa result of listing the Property with Firm/Company. Client/Customer agrees to pay a cancellation fee of ,receipt of which is hereby acknowledged. This paragraph shall not apply if the Property is listed with another licensed real estatebroker at the time of such contract.RF304 Disclaimer NoticeLine 98-9917. RELIANCE. You understand that it is your responsibility to determine whether the size, location and condition of theproperty are acceptable prior to signing a contract submitting an Offer on a property.RF401 Purchase and Sale AgreementLine 54RF403 New Construction Purchase and Sale AgreementLine 101The loan shall be of the type selected below (Select the appropriate boxes. Unselected items will not be part of this Agreement):RF401 Purchase and Sale AgreementLine 110-117RF403 New Construction Purchase and Sale AgreementLine 46-51RF404 Lot/Land Purchase and Sale AgreementLine 51-582. terminate the agreement Agreement by giving notice to seller Seller via the Notification form or equivalentwritten notice. Upon timely termination, Buyer is entitled to a refund of the Earnest money Money/Trust Money.In the event Buyer fails to either waive the appraisal contingency or terminate the agreement Agreement as set forth above, thiscontingency shall be deemed satisfied. Thereafter, failure to appraise shall not be used as the basis for loan denial or termination ofcontract Agreement. Seller shall have the right to request any supporting documentation showing appraised value did not equal orexceed the agreed upon purchase price Purchase Price.RF401 Purchase and Sale AgreementLine 253-2616. Public Water or Public Sewer SystemsIn the event it is discovered that Public Water or Public Sewer System is accessible to the Property and connection to the Propertyis required by a governmental agency/ authority or Lender, Buyer shall promptly notify the Seller via the Notification form orequivalent written notice. Seller and Buyer shall have five (5) days following such written notice but not later than the ClosingDate to negotiate in good faith the payment for the cost and the connection to the Public Water or Public Sewer System. In theevent Seller and Buyer do not reach a mutual written agreement for the payment of such cost or a mutually agreeable writtenextension of such time period as evidenced in an Amendment to this Agreement signed by both parties within such period oftime, this Agreement is hereby terminated. If terminated the Buyer is entitled to a refund of the Earnest Money/Trust Money.

Line 299should be addressed in the Buyer's request for repairs pursuant to Subsection 7 8.D., Buyer’s Inspection and Resolution belowLine 305the Buyer shall have forfeited any rights provided under this Section 7 8, and in such case shall accept the Property inits current condition, normal wear and tear excepted.Line 336Section 7 8 (including but not limited to the Wood Destroying Insect Infestation Inspection Report).Line 324-333The parties agree to negotiate repairs in good faith during the Resolution Period. Buyer retains the ability to accept theProperty in its present “AS IS” condition during the Resolution Period. In the event Seller and Buyer do not reach a mutualwritten resolution during such Resolution Period or a mutually agreeable written extension thereof as evidenced in anAmendment to this Agreement signed by both parties within said period of time, this Agreement is hereby terminated. Ifterminated, Buyer is entitled to a refund of the Earnest Money/Trust Money. Buyer waives the option to request items to be repaired and/or replaced under D (3) above and there shall be noResolution Period. Buyer retains the right to perform Buyer’s Inspections and to timely furnish Seller with a list of written specifiedobjections and immediately terminate this Agreement as provided in D (1) above or accept the Property in its present AS IScondition as provided under D (2) above.RF401 Purchase and Sale AgreementLine 432-436RF403 New Construction Purchase and Sale AgreementLine 472-475RF404 Lot/Land Purchase and Sale AgreementLine 399-402In the event a performance deadline, other than the Closing Date (as defined in Section 4 herein), Date of Possession (as defined inSection 4 herein), Completion of Repair Deadline (as defined in the Repair/Replacement Amendment), and Offer Expiration Date (asdefined in Time Limit of Offer Section Section 19 herein), occurs on a Saturday, Sunday or legal holiday, the performance deadlineshall extend to the next following business day.RF401 Purchase and Sale AgreementLine 467-468RF403 New Construction Purchase and Sale AgreementLine 379-48016.Seller’s Additional Obligations. In addition to any other disclosure required by law, the Seller shall, prior to entering into acontract an Agreement with a Buyer, disclose in writing including acknowledgement of receipt:RF481 Mutual Release of Purchase and Sale Agreement and Disbursement of Earnest Money/Trust MoneyLine 13-14If applicable, Buyer(s) have provided Seller(s) with any requested all required documentation which supports Buyer’s right toterminate pursuant to any specific Buyer’s contingency contained within the Agreement.Line 26-28 e. Inspection contingencies. f. Appraisal contingencies. g. Other:

RF601 Amendment to the Listing AgreementLine 10 Marketing of Property Commencement date changed to: .RF622 Back-up Agreement Contingency AddendumLine 18-236.In the event that the Primary Agreement is terminated or becomes null and void, Seller or Seller’s Representative shall deliver toBuyer or Buyer’s Representative written notice thereof, at which time the contingency provided in this Addendum is satisfied andthis Agreement shall move into a primary position. All time periods specified in days in this Agreement, shall commence from thedate Buyer receives written notice that the Primary Agreement has been terminated or is null and void. The date Buyer or Buyer’sRepresentative receives written notice that the Primary Agreement has been terminated or is null and void will serve as the startdate for all time periods specified in days in this Agreement.RF625 VA/FHA Loan AddendumLine 30-366.PUBLIC WATER OR PUBLIC SEWER SYSTEMS. See Public Water or Public Sewer Systems section in Purchase and Sale Agreement.As required by VA/FHA, both the Buyer and Seller agree that if public water or a public sewer system is available at the street, theProperty must be connected. If available and Property is not connected, select one: A. . B.agrees to pay the cost of said connection not to exceedBuyer to pay and Seller to pay for the cost of connection.CERTIFICATION. At the time of Closing shall provide certification, from the proper authority, that the Propertyis connected to and serviced by the public system.Line 41-458.NON-ALLOWABLE SETTLEMENT CHARGES OR CLOSING COSTS. In the event of settlement charges or closing costs at timeof closing which are deemed to be non-allowable and not chargeable to the Buyer pursuant to the governmental guidelines, Selleragrees to pay at closing (evidenced by delivery of warranty deed and payment of purchase price) such non-allowable settlementcharges or closing costs on behalf of Buyer at a sum not to exceed (shall be deemed to be zero if left blank).RF634 Investment Property AddendumLine 15-18 For properties used as a short-term rental unit as defined in Tenn. Code Ann. §13-7-602, this Agreement is contingent uponBuyer’s receipt, review, inspection, and satisfactory approval of accounting statements for the past monthsshowing the occupancy rate for each month, the average nightly rental rate, and any applicable fees and taxes.RF656 NotificationLine 125 35.For Back-Up Agreement Contingencies only, Seller hereby notifies Buyer that the Primary Agreement has beenterminated or is null and void. Buyer’s Back-Up Agreement has moved into a primary position.RF707 Additional Contract LanguageLine 272-27421. CO-LISTING AGREEMENTSeller hereby authorizes Broker to enter into a Co-Listing Agreement for Property. Seller grants the Co-Listing Broker theauthority to conduct every activity Broker is authorized to pursuant to this Agreement.

RF708 Purchase and Sale Agreement Timeline ChecklistLine 8Closing Date: Contract Agreement sent to Closing Agency Time ScheduledLine 33APPRAISAL NoPurchase contingent conditioned upon appraisal YesCOMMERCIAL FORMS NEW FORM:CF604 SUBLEASE LISTING ADDENDUM TO THE COMMERCIAL OPEN LISTING AGREEMENT (FOR LEASE)Edits:CF121 Commercial Exclusive Leasing Agreement (Not a Property Management Agreement)CF401 Commercial Purchase and Sale AgreementLine 85-92CF404 Commercial Lot/Land Purchase and Sale AgreementLine 118-1246.Closing.A. Closing Date. This transaction shall be consummated at the office ofon , , (the“Closing Date”) or at such other time and place(s) the parties may agree upon in writing.B. Closing Agency for Buyer & Contact Information:Closing Agency for Seller & Contact Information:

1CO-LISTING AGREEMENT(Between Two Firms)BROKER (Listing Company):2DESIGNATED AGENT (Listing Company):3ADDRESS OF LISTING COMPANY:4CO-LISTING BROKER:5CO-LISTING DESIGNATED AGENT:6ADDRESS OF CO-LISTING BROKER:7The parties named above do hereby agree to co list the property described below for the consideration discussed herein:ECIMEN11.PROPERTY ADDRESS/LEGAL DESCRIPTION:(Address)(City), Tennessee, (Zip), as recorded inCounty Register of Deeds Office, deed book(s),page(s), and/or instrument number. and further described as:together with all fixtures, landscaping, improvements, and appurtenances, all being hereinafter collectively referred to asthe “Property”.162.EFFECTIVE DATE OF LISTING AGREEMENT (“Effective Date”):173.TERM OF CO-LISTING AGREEMENT:This Agreement shall be valid from the Effective Date through , 20 (“Co-listing ExpirationDate”) If a contract to purchase, exchange, or lease is signed before this Agreement expires, the term hereof shall continueuntil final disposition of Purchase and Sales Agreement, exchange agreement, or lease agreement.1819204.Listing Broker shall receive % of the total sales price or . Co-listing brokershall receive % of the total sales price or .2223A cooperating compensation is being offered to a Selling Agent or Facilitator who is the procuring cause of the transactionand a member participant of any MLS(es) in which the Property is listed in the amount of % of the total salesprice or . A cooperating compensation is being offered to a Selling Agent or Facilitator who is theprocuring cause of the transaction and who is not a member participant of any MLS(es) in which the Property is listed inthe amount of % of the total sales price or .2425262728295.APPORTIONMENT OF EXPENSES:Advertising fee:30Other costs:316. RESPONSIBILITIES AND RIGHTS OF THE PARTIES.D32COMPENSATION:RAFT21SP89101112131415The listing agent warrants they have received written permission from the Seller to enter into a co-listing agreement andSeller has authorized the co-listing broker to advertise the property for sale. Instructions or changes to the listing remainat the sole discretion of the listing broker.3334353637383940417.SPECIAL STIPULATIONS. The following Special Stipulations, if conflicting with any preceding section, shallcontrol:This form is copyrighted and may only be used in real estate transactions in which is involved as a Tennessee REALTORSauthorized user. Unauthorized use of the form may result in legal sanctions being brought against the user and should be repo rted to Tennessee Realtors at 615- 321-1477.Copyright 2015 Tennessee Association of Realtors RF111 – Co-Listing Agreement (Between Two Firms), Page 1 of 2Version 01/01/2022

242The party(ies) below have signed and acknowledge receipt of a copy.4344BY: Listing Broker or Licensee Authorized by BrokerBROKER/FIRM4546at o’clock am/ pmDateAddress47Print/Type NamePhone:Email:48The party(ies) below have signed and acknowledge receipt of a copy.5051BY: Co-Listing Broker or Licensee Authorized by Broker BROKER/FIRM5253at o’clock am/ pmDate5455Print/Type NameEN49ECIMAddressPhone:Email:DRAFTSPNOTE: This form is provided by Tennessee REALTORS to its members for their use in real estate transactions and is to be used as is. By downloadingand/or using this form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agreeand acknowledge that any such alteration, amendment or edit of said form is done at your own risk. Use of the Tennessee REALTORS logo in conjunctionwith any form other than standardized forms created by Tennessee REALTORS is strictly prohibited. This form is subject to periodic revision and it is theresponsibility of the member to use the most recent available form.This form is copyrighted and may only be used in real estate transactions in which is involved as a Tennessee REALTORS authorized user. Unauthorized use of the form may result in legal sanctions being brought against the user and should be reported to Tennessee Realtors at 615- 321-1477.Copyright 2022 Tennessee Association of REALTORS RF111 – Co-Listing Agreement (Between Two Firms), Page 2 of 2Version 01/01/2022

3MINIMUM APPRAISED VALUE CONTINGENCY 1718192021222324252627282930313233This MINIMUM APPRAISED VALUE CONTINGENCY ADDENDUM (hereinafter “Addendum”), between the undersignedBuyer and Seller is entered into and is effective as of the Binding Agreement Date provided in the Purchase and Sale Agreementfor the purpose of changing, deleting, supplementing, or adding terms to said Purchase and Sale Agreement (“Agreement”). Inconsideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of whichis hereby acknowledged, the parties agree as follows:This Agreement is contingent upon the appraised value either equaling or exceeding (“Agreed MinimumAppraised Value”). If the appraised value equals or exceeds the Agreed Minimum Appraised Value, this contingency issatisfied. In consideration of Buyer having conducted an appraisal, the sufficiency of such consideration being herebyacknowledged, if the appraised value of the Property does not equal or exceed the Agreed Minimum Appraised Value, Buyershall promptly notify the Seller via the Notification Form or equivalent written notice. Buyer shall then have three (3) daysto either:1. Waive the appraisal contingency via the Notification Form or equivalent written noticeOR2. Terminate the Agreement by giving notice to Seller via the Notification Form or equivalent written notice.Upon timely termination, Buyer is entitled to a refund of the Earnest Money.In the event Buyer fails to either waive the appraisal contingency or terminate the Agreement as set forth above, thiscontingency shall be deemed satisfied. Thereafter, failure to appraise shall not be used as the basis for loan denial ortermination of contract. Seller shall have the right to request any supporting documentation showing appraised value did notequal or exceed the Agreed Minimum Appraised Value.Nothing in this Addendum shall be deemed to change the agreed upon Purchase Price. Buyer will furnish proof of availablefunds to cover the difference in Purchase Price and Agreed Minimum Appraised Value in the following manner:(e.g. bank statement, Lender’s commitment letter) within five (5) days afterBinding Agreement Date. Should Buyer fail to do so, Seller may make written demand for compliance via the Notificationform or equivalent written notice. If Buyer does not furnish Seller with the requested notice within two (2) days after suchdemand for compliance, Buyer shall be considered in default and Seller’s obligation to sell is terminated. Failure to Close dueto lack of funds shall be considered default by Buyer.This Addendum is made a part of the Agreement as if quoted therein verbatim. Should the terms of this Addendum conflictwith the terms of the Agreement or other documents executed prior to or simultaneous to the execution of this Addendum, theterms of this Addendum shall control, and the conflicting terms are hereby considered deleted and expressly waived by allparties. In all other respects, the Agreement shall remain in full force and effect.3435363738The party(ies) below have signed and acknowledge receipt of a copy.BUYERBUYERat o’clock am/ pmat o’clock am/ pmDateDateDRAFTSPECIMEN1233940414243The party(ies) below have signed and acknowledge receipt of a copy.SELLERSELLERat o’clock am/ pmat o’clock am/ pmDateDateNOTE: This form is provided by Tennessee REALTORS to its members for their use in real estate transactions and is to be used as is. By downloading and/or usingthis form, you agree and covenant not to alter, amend, or edit said form or its contents except as where provided in the blank fields, and agree and acknowledge that anysuch alteration, amendment or edit of said form is done at your own risk. Use of the Tennessee REALTORS logo in conjunction with any form other than standardizedforms created by Tennessee REALTORS is strictly prohibited. This form is subject to periodic revision and it is the responsibility of the member to use the most recentavailable form.This form is copyrighted and may only be used in real estate transactions in which is involved as a Tennessee REALTORS authorizeduser. Unauthorized use of the form may result in legal sanctions being brought against the user and should be reported to Ten nessee REALTORS at 615-321-1477.Copyright 2022 Tennessee Association of Realtors RF 635 – Minimum Appraised Value Contingency Addendum, Page 1 of 1Version 01/01/2022

4EXCLUSIVE BUYER REPRESENTATION AGREEMENT(Designated Agency)Broker/Firm:2Address of Firm:3Buyer:EN11.TERM.For and in consideration of the mutual promises contained herein and other good and valuable consideration, the receiptand sufficiency of which is hereby acknowledged, this Agreement is entered into on this day of, 20 (“Effective Date”) by and between the undersigned(“Client” or “Buyer”) and Firm/Broker of(“Broker”), Broker shall act as Client’sexclusive agent to locate property for Client’s purchase, lease, exchange or option (collectively “Purchase”) during theterm of this agreement, and to advocate the Client’s best interests in the negotiation of terms and conditions of any suchPurchase. This Buyer Representation Agreement (“Agreement”) begins on the Effective Date and terminates at 11:59 p.m.local time on , , or at the closing (or in the case of a lease, the date of possession) ofany Purchase under this Agreement, if such occurs earlier. If a contract to purchase, exchange, or lease is signed beforethis Agreement expires, the term hereof shall continue until final disposition of the Purchase and Sales Agreement,exchange agreement, or lease agreement.1718192.TYPE OF PROPERTY SOUGHT BY CLIENT.A. General Description, Size and Location:SPECIM45678910111213141516B. Price Range & Terms:2122C. Sources to be Searched for Property:23D. Other Terms/Conditions:E. Properties Specifically Exempted from this Agreement:242526272829303.CLIENT DUTIES.Buyer agrees:A. To Purchase property exclusively through Broker during the term of this Agreement;B. To furnish Broker on a timely basis with any necessary personal and/or financial information to ensure Client’sability to Purchase;C. That he/she is not under an exclusive right to buy contract or exclusive buyer representation agreement with anyother agent at this time;D3132RAFT2033343536D. That if Client utilizes the services of another real estate broker or deals solely with a Seller’s Agent or the Sellerdirectly at any time during the effective period of this Agreement and/or any extensions thereof and then enters intoan agreement with a seller/owner to Purchase any property(ies) described above, the Buyer still owes a commissionto the Broker provided herein;3738394041E. To authorize Broker to negotiate for a fee paid by the Seller and/or the Seller’s agent, the payment of which will befully disclosed to Client. If a fee is not offered or paid to Broker, as could occur, for example, in the purchase of anunlisted property, Client agrees to pay Broker a total of or % compensationbased on the total sale price. In the event the buyer broker compensation herein is considered a non-allowablepursuant to VA guidelines and thus cannot be paid by Buyer, this obligation is waived by Broker. In the event thatThis form is copyrighted and may only be used in real estate transactions in which is involved as a Tennessee REALTORS authorizeduser. Unauthorized use of the form may result in legal sanctions being brought against the user and should be reported to Ten nessee REALTORS at 615- 321-1477.Copyright 2015 Tennessee Association of Realtors RF141 – Exclusive Buyer Representation Agreement (Designated Agency), Page 1 of 6Version 01/01/2021

5Buyer leases a property in lieu of purchase, the Buyer agrees to pay Broker a total of incompensation unless otherwise stated herein. In the event that the amount of any cooperating compensation paid bySeller or Seller’s broker is less than the amount listed above, Buyer agrees to pay Broker the difference at closing, oron the date of possession in the case of a lease. Broker’s fee is earned at the signing by both parties of an agreementto purchase, lease, exchange or the exercise of an option for any property(ies) as described above and is due at theclosing of any such transaction or upon possession of property unless otherwise stated herein. In the event thatBuyer defaults on performance of a valid contract for sale, lease, exchange or exercised option, Broker’s fee will bedue on the date of default. Buyer agrees to pay all reasonable attorney’s fees together with any court costs andexpenses which real estate firm incurs in enforcing any of Buyer’s obligations to pay compensation under thisAgreement. The parties hereby agree that all remedies are fair and equitable and neither party will assert the lack ofmutuality of remedies as a defense in the event of a dispute. NOTICE: Real estate fees are not fixed by law. Theyare set by each broker individually and are negotiable between Client and Broker. The payment of any fee by Sellerwill not make Broker either the Agent or Subagent of the Seller.555657585960F. Carry-Over Clause. Should the Buyer contract to buy or exchange, or contract to lease a property withindays after the expiration of this Agreement with any Seller/Landlord (or anyone acting onSeller’s/Landlord’s behalf) who has been introduced to Buyer, directly or indirectly, during the term hereof, asextended, the Buyer agrees to pay the compensation as set forth above. This carry-over clause shall not apply if theBuyer is subject to a buyer’s representation agreement with another licensed real estate broker at the time of suchcontract.61G. That he/she has reviewed this Agreement and agrees with the terms 4AGENCYA. Definitions1. Broker. In this Agreement, the term “Broker” shall mean a licensed Tennessee real estate broker or brokeragefirm and where the context would indicate, the Broker’s affiliated licensees, including but not limited to theDesignated Agent.2.Designated Agent for the Buyer. The individual licensee that has been assigned by the Managing Broker andis working as an agent for the Buyer in this consumer’s prospective transaction, to the exclusion of all otherlicensees in his/her company. Even if someone else in the licensee’s company represents a Seller of aprospective property, the

Line 110-117 RF403 New Construction Purchase and Sale Agreement Line 46-51 RF404 Lot/Land Purchase and Sale Agreement Line 51-58 2. terminate the agreement Agreement by giving notice to seller Seller via the Notification form or equivalent written notice. Upon timely termination, Buyer is entitled to a refund of the Earnest money Money/Trust Money.